News Corp. is about to sell Myspace for $20 million-$30 million, Kara Swisher at All Things D reports.
The groups vying for the remains of Myspace are Golden Gate Capital, a PE firm with $9 billion under management, and Specific Media, an ad network.
News Corp.’s fiscal year ends this Thursday, so it’s looking to wrap up the sale before the end of the fiscal year, so it can get Myspace off the books for 2012.
This is quite the come down for Myspace. News Corp paid $580 million for Myspace in 2005. When it started selling Myspace this year, it was looking for $100 million.
Jay Yarrow, Myspace Is About To Be Sold For $30 Million
Wow. Sam Wick, SVP Strategy at MySpace, was called away last night after the LA Future Of Work talk he participated in. I bet it had something to do with this deal.
A drop from $580M, to way below the $100M being shopped. I wonder what the buyers think they can do with it?
81 notes
-
collaborativ liked this
-
freetranslatesoftware liked this
-
bamboszpoetry liked this
-
ytirucespkimer liked this
-
femaletutor liked this
-
lovelytongue liked this
-
philosophyweedscience reblogged this from emergentfutures
-
bizdotcase reblogged this from stoweboyd
-
paramendra reblogged this from stoweboyd
-
lingjie reblogged this from emergentfutures and added:
News Corp seeks to sell My Space at a price less than 20% it’s acquisition value at 2005. #M
-
emergentfutures reblogged this from stoweboyd
-
This was featured in #Tech
-
watchoutforthebullets reblogged this from futurejournalismproject
-
standmotv8d reblogged this from futurejournalismproject
-
futurejournalismproject reblogged this from stoweboyd
-
stoweboyd posted this
